Corporate Governance

The Board is responsible for the governance of Richmond Mining including its strategic development and the direction and control of the operations of Richmond Mining and its Subsidiaries. The Board has adopted corporate governance policies, which are described below. Subject to Richmond Mining’ Constitution, the issues of Board composition and the selection criteria for Directors are dealt with by the Board. The Board is committed to the regular review of its performance to ensure that the Board continues to have a mix of skills and experience necessary for the conduct of the activities of Richmond Mining.

Directors, in carrying out their duties as Directors, may, after prior consultation with the Chairman, seek independent advice at the expense of Richmond Mining.

Directors consider, on an ongoing basis, how management information is presented to them and whether such information is sufficient to enable them to discharge their duties as Directors of the Company. Such information must be sufficient to enable the Directors to determine appropriate operating and financial strategies for the purpose of improving or maintaining the net worth of the Company.

As the Company’s activities develop in size, nature and scope, the size of the Board and the implementation of any formal corporate governance committees will be given further consideration.